HiSoft Technology International, an Intel Capital-backed technology outsourcing company in the Chinese cities of Beijing and Dalian, plans to sell five million American depository shares (ADS) in a secondary offering after its flotation on the Nasdaq stock exchange in June.
Each ADS is worth 19 common shares and traded at $27.49 each before the announcement, compared to a listing price of $10 each.
Intel Capital, the corporate venturing unit of semiconductor company Intel, said it would sell 12.05 million shares, 2.2%, and be left with 3.6% after the placement. HiSoft said it would issue 500,000 ADSs.
GE Capital Equity, the investment operation of industrial group General Electric said it would retain its 5.5% holding (pre-placement).
Outside of company management, the other vendors are: GGV Capital (previously known as Granite Global Ventures) with 17.1% pre-dilution; the World Bank’s investment organization, the International Finance Corporation with 7.2%; Japanese bank Nomura’s venture division Jafco Asia (4.4%); Japanese conglomerate Sumitomo with 2.7%; and US-based venture capital firm Draper Fisher Jurvetson (6.2%).
Last week, HiSoft acquired Besure Technology, a China-based supplier of SAP services to expand into the country’s enterprise application market.